Masco Corp (MAS)

Business Description

Masco Corporation is a global leader in the design, manufacture, and distribution of branded home improvement and building products, primarily focusing on the repair and remodeling (R&R) industry, with a smaller portion dedicated to new home construction . The company operates through two main segments: Plumbing Products and Decorative Architectural Products. Masco emphasizes leveraging its strong brands, product innovation, and customer service to drive growth and expand margins, while maintaining a disciplined capital allocation strategy .

Plumbing Products Segment - Designs and manufactures a wide range of products including faucets, plumbing system components, valves, showerheads, bath hardware, bath units, tubs, shower bases, enclosures, shower drains, steam shower systems, sinks, kitchen accessories, toilets, spas, exercise pools, aquatic fitness systems, saunas, and water handling systems .
Decorative Architectural Products Segment - Offers architectural coatings such as paints, primers, specialty coatings, stains, waterproofing products, paint applicators, and accessories, with the Behr brand being a significant part of this segment, sold exclusively through The Home Depot .

Key Metrics

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Executive Team

Name	Position	Start Date	Short Bio
Keith J. Allman	President and Chief Executive Officer	2014	Keith J. Allman has been serving as the President and Chief Executive Officer of Masco Corporation since 2014. He has held key leadership positions within the company, including Group President and President of Delta Faucet .
Imran Ahmad	Group President	February 2023	Imran Ahmad was elected as Group President at Masco Corporation in February 2023. He joined Masco in 2018, initially serving as the President of Masco Canada .
Kenneth G. Cole	Vice President, General Counsel and Secretary	2013	Kenneth G. Cole was elected as Vice President, General Counsel and Secretary of Masco Corporation in 2013. He joined Masco in 2004 and has held positions of increasing responsibility within the legal department .
Richard A. Marshall	Vice President, Masco Operating System	2021	Richard A. Marshall was elected as Vice President, Masco Operating System in 2021. Before this role, he served as Vice President, Service Operations at Delta Faucet Company since 2003 .
Jai Shah	Group President	2018	Jai Shah was elected as Group President at Masco Corporation in 2018. He previously served as the President of Delta Faucet Company from 2014 to 2018 and held various other roles at Masco .
Renee Straber	Vice President, Chief Human Resource Officer	2014	Renee Straber was elected as Vice President, Chief Human Resource Officer at Masco Corporation in 2014. She joined Masco in 1995 and has held various HR roles, including Vice President, Human Resources for Delta Faucet .
Richard J. Westenberg	Vice President, Chief Financial Officer, and Treasurer	October 16, 2023	Richard J. Westenberg serves as the Vice President, Chief Financial Officer, and Treasurer at Masco Corporation. He commenced his role as Vice President and CFO on October 16, 2023, and will be Treasurer effective April 1, 2024 .
Robin L. Zondervan	Vice President, Chief Accounting Officer and Investor Relations/FP&A	March 1, 2024	Robin L. Zondervan was elected as Vice President, Chief Accounting Officer in 2022 and will take on responsibilities for Investor Relations and FP&A effective March 1, 2024. She previously worked at Steelcase Inc. .

Questions to Ask Management

With the ongoing uncertainty in the macroeconomic environment and your revised expectation of flat sales in the second half of the year, what specific strategies are you implementing to drive growth and mitigate the impact on your full-year sales guidance?
Considering the increased commodity and ocean freight costs impacting both segments, can you elaborate on the specific cost savings initiatives and operational efficiencies you are leveraging to sustain margin expansion, and how confident are you in their long-term sustainability?
You mentioned a 30% reduction in tariff exposure, but in light of potential abrupt changes in tariff policy, how prepared are you to manage additional tariffs, and what lessons from previous experiences are you applying to mitigate these risks effectively?
Given that existing home sales are at historically low levels, which traditionally boost DIY spending, how are you adjusting your approach to address the continued softness in the DIY paint market and offset potential declines in this segment?
With the M&A environment being quiet due to current rates and valuations, how do you plan to execute your capital allocation strategy to drive shareholder value, particularly if bolt-on acquisitions remain limited and you have committed to deploying approximately $600 million?

Program Details	Program 1
Approval Date	October 20, 2022
End Date/Duration	N/A
Total additional amount	$2.0 billion
Remaining authorization amount	$1.2 billion
Details	The program underscores Masco's strong financial position and the Board's confidence in the company's future. It replaces the existing authorization and is part of the company's long-term capital allocation strategy.

Competitors

Competitors mentioned in the company's latest 10K filing.

Dornbracht AG & Co. KG - Competitor in the plumbing products segment .
Zurn Elkay Water Solutions Corporation - Competitor in the plumbing products segment .
Fortune Brands Innovations, Inc.'s Moen, Rohl and Riobel brands - Competitors in the plumbing products segment .
Kohler Co. - Competitor in the plumbing products segment .
Lixil Group Corporation’s American Standard and Grohe brands - Competitors in the plumbing products segment .
Spectrum Brands Holdings, Inc.'s Pfister faucets - Competitor in the plumbing products segment .
Artesian Spas - Competitor in the spas, exercise pools, aquatic fitness systems and saunas segment .
Harvia - Competitor in the spas, exercise pools, aquatic fitness systems and saunas segment .
Jacuzzi - Competitor in the spas, exercise pools, aquatic fitness systems and saunas segment .
Master Spas - Competitor in the spas, exercise pools, aquatic fitness systems and saunas segment .

Customer Concentration

Customer	Relationship	Segment	Details
The Home Depot	Largest customer, exclusive rights to sell Behr products	Decorative Architectural Products	$3.1 billion in net sales (39% of consolidated net sales in 2023)
Ferguson	Significant but smaller portion of overall net sales	All	<10% of consolidated net sales in 2023
Lowe’s	Significant but smaller portion of overall net sales	All	<10% of consolidated net sales in 2023

Auditor

Name	Start Date	End Date	Reason for Change
PricewaterhouseCoopers LLP	1959	Present	Current auditor